Category Archives: Tax Planning
REMINDER: Internal Revenue Service Provides Broad-Based Penalty Relief For Certain 2019/2020 Tax Returns Due To The Pandemic
$1.2 billion in penalties being refunded to 1.6 million taxpayers To help struggling taxpayers affected by the COVID-19 pandemic, the Internal Revenue Service (IRS) issued Notice 2022-36 on August 24, 2022, which provides penalty relief to most people and businesses who filed certain 2019 or 2020 tax returns late. This penalty relief will be… Read More »
The MendenFreiman Advisor – Spring 2022 Issue
Click here to read our Spring newsletter. Included in this issue: Understanding the Employee Retention Credit for 2020 and 2021 For small businesses that faced challenges due to the COVID-19 pandemic, the Employee Retention Credit (ERC), which was originally established under the CARES Act and then extended for 2021 under the American Rescue Plan,… Read More »
Uncertainty Surrounds Recently Proposed Tax Changes
Earlier this year, we outlined some proposed tax law changes that were being discussed in Washington D.C. with the Democratic control of the House, Senate, and White House. Last month, the House released a draft of the Build Back Better Act (the “BBB Act”) that contained many of the proposed changes. However, due to… Read More »
Another Month, Another Round Of Tax Proposals
Last month, we outlined some of the potential tax law changes circulating Washington D.C. after the recent shift of power in the White House and Senate. Since that update, there have been a couple of additional proposals that give more insight into the potential direction of tax legislation this year. Last time, we told… Read More »
President Biden’s First 100 Days and Potential Tax Law Changes
Last fall, we told you about potential tax law changes that could occur with a shift of power in the White House and Senate after the election. Now, as we have finished the first 100 days of a new administration, we are beginning to see just how significant those changes could be. President Biden… Read More »
REMINDER: Annual Registrations Due to Georgia Secretary of State April 1, 2021
All entities formed or registered to do business in the State of Georgia must file an annual registration with the Secretary of State (between January 1st and April 1st of each year) in order to remain in good standing. Filing the annual registration generally provides a current record of an entity’s management structure, correct… Read More »
Election Impact and Year-End Tax Planning Opportunities (Part Two)
In a recent e-alert, we presented a summary of the potential impact of the election outcome on various areas of tax law. With the possibility of a shift of power in the White House, and the Senate from Republican to Democrat, we could see significant changes in tax laws implemented as early as next… Read More »
Election Impact and Year-End Tax Planning Opportunities
In the event of a shift of power in the White House and Senate from Republican to Democrat, we would likely see significant changes in the tax laws. These changes could be implemented as early as next year, to be effective January 1, 2021. In the table below, we present a summary of what… Read More »
UPDATE: Due Date for GIFT Tax Returns Postponed to July 15
In Notice 2020-20, the Treasury Department has automatically extended the due date for GIFT tax returns until July 15, 2020. Here is the link: Notice 2020-20 They have not yet extended ESTATE tax returns, but stay tuned!
The New Internal Revenue Service People First Initiative
To help people facing the challenges of COVID-19 issues, the Internal Revenue Service (“IRS”) announced on March 25 a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions. The new IRS People First Initiative provides immediate relief to help… Read More »
